UPDATE: Deutsche Bank Initiates Coverage on Investor Bancorp with Hold Rating, $24 PT on Solid Growth Outlook

In a report published Wednesday, Deutsche Bank analyst Dave Rochester initiated coverage on Investor Bancorp ISBC with a Hold rating and $24.00 price target. In the report, Deutsche Bank noted, “Having successfully levered the capital base via M&A and organic growth in its efforts to build a formidable franchise in the NY/NJ market, management has well positioned the company to launch its second-step and begin the next phase of growth. While we are positive on management, the company's markets, and the longer-term strategy and share upside potential, we recommend investors seeking to build positions in ISBC to favor the second step as an entry point, following the recent run in the stock, which is currently priced at a premium to the level implied by management's preferred/expected second step valuation range of near/modestly below TBV/share.” Investors Bancorp closed on Tuesday at $21.67.